[Resolved]  Reliance Money — HEFTY BROKERAGE AND PATHETIC CUSTOMER SERVICE

Address:

Chennai, Tamil Nadu

Dear Sirs,

Client ID - S00151666

I would like to bring to your attention one of the grievances I have been facing since 2 months. I did speak to Mr. Mahesh, Chennai office, Mr. Arun - [protected] and Mr. Karthik - [protected], SEA, TN. Unfortunately my queries / grievances have not been redressed instead they keep avoiding me every now and then.

I have opened the account in the month of Jan/Feb 2010 with Reliance Money. I have transferred Rs.3, 25,000/- since I opened the account and I have been allotted that Mr. Suresh will be the dealer for me. Since I don’t have time, Suresh used to call me and confirm the trades and inform the P/L on a daily basis. However, when I asked for brokerage after seeing the contract notes, I was informed that the excess brokerage will be refunded once the month is complete. When I looked at the Portfolio Statement, I found that about Rs.25, 000/- is the profit generated through F & O and about Rs.8, 000/- through Equity trading. Even the layman will understand that the total surplus / ledger balance should be Rs.3, 25,000 (Principal Contribution) + 33,000/- (profit generated) == Rs.3, 58,000/-

However, to my surprise, the total ledger balance was less than the amount. I did speak to the customer care officers, Mahesh, Karthik and Arun unfortunately, none of them were able to provide any explanation. Mr. Suresh, Dealer confirmed that the difference in brokerage will be refunded at a later date and he had also initiated a request. But I came to know that Mr. Suresh has left the organization. Later Mr. Karthik visited my office and explained that all this is because of the brokerage component and he will sure take it up with Reliance Money. I did mention to Mr. Karthik that if I don’t get a proper reply, I would be compelled to escalate the issue to CEO / SEBI but to my dismay he has not reverted yet and whenever I tried his cell phone, it was either switched-off or unable to reach. I think is such a busy person who does not have a value for a customer / investor. In fact I have spoken to Mr. Arun this afternoon and he said he would call me immediately but he has not reverted yet. This has irritated me to escalate and send this communication.

I know Reliance Money is a big banner with a huge client base and does not require an investor/ client like me. I still feel that this is gross negligence on the customer service and charging too much brokerage for an investor and penalizing. I have an account with ICICIDirect as well and they are very transparent. While doing a trade with ICICIDirect, I am sure of the brokerage for the transaction with ICICIDirect for every trade but in the case of Reliance Money no such transparency and everyone is talking different language. In addition the team is always referring to HO for every action. The so called manager does not know the meaning of “Customer Service”.

May I request your good offices to look into this revert.

Thanks,
Sujatha S
Client ID:S00151666